Apr 28, 2022, 01:18 EST
Shibuya-ku, Tokyo, Japan, Japan, Apr 28, 2022, 01:18 /Comserve / -- The study considers the present scenario of the blow molded plastics market and its market dynamics for the period 2022−2031.
The blow molded plastics market is expected to grow at a CAGR of over 4% during the period 2022–2031.
The following factors are likely to contribute to the growth of blow molded plastics market during the forecast period:
• Higher Bioplastics in Rigid Packaging
• Increased Stringency in Recycling Mechanism
• Increased Demand for Packaged Drinking Water
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The global blow molded plastics market is currently focusing on the recycling of plastic materials to ensure the sustainability of the environment. Regulations with respect to the usage of certain packaging materials and the disposal of the same are growing across the world. Developed countries are leading the charge with framing new regulations and issuing new directives to the packaging industry, which largely uses fossil fuel-based plastic raw materials. Major brands are facing pressure for the usage of highly non-recyclable and other single-use plastics. The circular economy policy and the bioeconomic strategy by the European Commission are the two flagship policies that look at the production of renewable biological resources and reduction of carbon footprint by efficient usage of bioplastics, thereby reducing the impact of plastic packaging on the environment.
The incitement in dairy producers in China and India is generating high-volume demand for packaging products. The rise in disposable incomes is expected to increase further the demand for dairy products, which would increase dairy production by around 2% on the YOY basis. World milk prices have increased significantly and are currently at record prices; this trend is expected to continue, and the market will witness volatility. Hence, the demand for dairy packaging will largely be catered by blow molded plastics.
The study considers the present scenario of the blow molded plastics market and its market dynamics for the period 2022−2031. It covers a detailed overview of several market growth enablers, restraints, and trends. The study offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent companies operating in the market.
Blow Molded Plastics Market: Segmentation
This research report includes detailed market segmentation by type, technology, end-user, and geography. Depending on strength, quality, and durability, blow molded plastics use several polymers. The ease of production and a high productivity rate of stretch blow together act as the major factors for the high popularity of PET across several end-user sectors. Food, beverage, and other liquid containers are the major packaging related products of PET molded plastics. The polymer’s recyclable property is driving the adoption of PET. Beverage bottles, pharmaceutical bottles, juices, tea, and personal care segments are the major application areas.
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The presence of high rigidity increases the application of PE polymers in home care products (bath, laundry bottles, kitchen) and personal care products. LDPE-based blow molded plastics are mainly used for food packaging of mustard, ketchup, and generic food storage containers. As polyethylene has the highest recycling rate of over 25% in the US, its adoption is expected to increase during the forecast period. Closely following PE, in terms of demand, PP is one of the most widely used polymers. High-cost benefits/performance ratios make this polymer highly used material in blow molding. PP is stiff with low density, which offers many benefits. Laboratory apparatus, automotive components, and food packaging are the major application areas of PP. The PP resins supply side market is highly concentrated, and the polymer is not available in adequate quantities across the world, thereby inhibiting its application through blow molded plastic technology. PVC’s high resistance to chemicals and oils makes the polymer an exceptional choice in the toiletry and cosmetic industry. Mascara containers, agricultural sprayers, and other industrial chemical applications use PVC blow molded plastics.
The blow molded plastics market is the highest in the packaging sector, which includes F&B, dairy, personal care, pharmaceuticals, and pet-food industries. Consumer packaging accounted for a major share of the global blow molded plastic packaging market in 2019. The consumer packaging market is expected to grow at a faster rate than industrial packaging.
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